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Lou Dobbs Tonight

News/Business. Lou Dobbs. The journalist offers his take on issues and interviews newsmakers. New. (CC)

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Us 16, Grover Norquist 8, Washington 7, Texas 6, Chicago 5, South Korea 3, America 3, Obama 3, S&p 2, Moody 's 2, Newtown 2, New York City 2, Hollywood 2, Fbi 1, Chl 1, The White House 1, Withialis 1, Mitch Mcconnell 1, Paul Ryan 1, United States 1,
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  FOX Business    Lou Dobbs Tonight    News/Business. Lou Dobbs. The journalist offers his  
   take on issues and interviews newsmakers. New. (CC)  

    January 2, 2013
    7:00 - 7:59pm EST  

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the dead of night. name-calling and cursing at every turn. it seems congress can't get anything right. alas, despite all their problems to mike and commend them on one thing, the fiscal closed deal has done nothing to fix our task -- tax cut or deal with the spending. it does blocked an automatic pay hike for members of congress. lawmakers are supposed to receive automatic cost-of-living pay hikes, but as congress's approval rating has fallen into single digits they have consistently voted to reject the race. the president obama recently issued an executive order to implement it along with the pay increase for federal workers. lawmakers might not be good at doing their job, but it sure seems they know what. that is my "2 cents more." coming up tomorrow, the fiscal cliff deal worked out on capitol hill. piece of our financial problems. tomorrow steve forbes to talk about that. that's it for tonight on "lou dobbs tonight." have a great night.
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lou: good evening, everybody. the last-minute fiscal cliff steel locking in bush-era tax rates for most of america, but that deal still results in a tax increase for nearly 80 percent of america while adding up to $4 trillion to the national debt the deal ensures that more than 120 million tax filers will see some sort of tax increase over the coming year. your not hearing a lot about that. well, you will hear tonight. the president damning repeatedly throughout the campaign and the lame duck congressional session that his stance was all about protecting the middle class with the expiration of the payroll tax holiday. there were not scared. the 2% increase taking nearly a thousand dollars out of the pockets of the typical family per year, spending cuts$75,000 virtually ignored in the final
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deal. according to congressional budget office analysis, the law calls for $1 in cuts for every $41 in tax hikes. 1-41. far from the speakers long time dollar for dollar demand on spending cuts in exchange for tax hikes and a debt ceiling slight. >> dollar for dollar improving the debt limit. >> i continue to believe that any increase in the debt limit has to be accompanied by spending reductions of -- that meet or exceed it. lou: and the new law loaded with pork. $2,500 tax credit extended to those who purchase electric suitors, an effort to incentivize alternative energy transportation. nascar, another big winner, a program that allows racetracks to deduct over $40 billion in operational cost also extended, and the president's hollywood
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friends rewarded. television and movie makers still eligible for over 400 million in tax breaks for doing business in this country. meanwhile, stocks soared on wall street as a result of that terrific deal that was struck. a major market rally despite the details, those pesky details in the fiscal cliff deal. the dow jones industrials gaining more than 300 points on the date. the biggest gain on the first trading day of the new year in american history. the nearly 500-point increase over the past two days contributing to the highest close since october 18th. the s&p following suit, picking up 36 points, nasdaq up 96 points on the first trading day of 2013. and grover norquist saying no republican voted for a tax increase. really? he joins us here to talk about that and a great deal more. republican congressman has been highly critical of the speaker.
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he is among our guest to talk about the future of the party and the budget. moody's chief economist joins us to explain what he calls are glorified relief rally on wall street that will endure. the fiscal cliff arrived at the white house, met legislation this afternoon. the president is expected to sign it into law electronically because the bill arrived at the white house and he was in hawaii. meanwhile, a bipartisan solution to our nation's fiscal cliff being hailed by some on the hill as the first up toward comprehensive tax reform. jeered by others for failing to make any real changes to washington's overspending. fox news chief congressional correspondent with our report. >> i want to salute president obama. he campaigned on strengthening the middle class. i think all of us probably did. this is one way for us to fulfill that promise.
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>> while the fiscal cliff deal is providing no class tax relief , the non-partisan tax policy center estimates 77 percent of american households will end up paying higher federal taxes because the 2 percent payroll tax holiday is not part of the package. it impacts almost every worker. even before that, the legislation was unpopular with house republicans, and the speaker and majority leader did not make the final pitch. that was left to the house ways and means chairman. >> obamacare republican tax cut permanent we are one step closer to a comprehensive tax reform that will help strengthen our economy and create more in higher paychecks for american workers. >> though many conservatives did not like this package because it includes 620 billion in new tax hikes with only 15 billion in spending cuts which comes out to about $1 in cuts for $41 in taxes. the key to passing it was 172 of the 257 votes in favor from house democrats delivered by the
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anywhere. >> compromise is not the art of perfection. by its very definition, compromise contains elements that neither side likes. but it also contains pieces both sides can embrace. >> among the pieces of the planned permanent tax cuts for individuals under $400,000. permanent tax cuts for families under 450,000, permanent adjustment for the alternative minimum tax, extending long-term unemployment benefits, and delays sequestration for two months. the speaker voted for the package, as did house budget chairman paul ryan. majority leader eric cantor and republican whip but against it. with the speaker facing reelection tomorrow, many frustrated conservatives are still saying he did his job. >> the speakers showed at a time which harry reid went home and went to bed and left its the vice-president. at least the speaker was always straight, honest with us, and allow the regular process to
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occur. >> at the white house last friday fox news confirmed the speaker told read to go left himself twice after reading accused him of running the house like a dictatorship and being more concerned about saving his own job and getting a deal. republican sources say that is likely to boost the stock with conservatives. lou: thank you very much. fox news chief congressional correspondent. our first guest tonight voted against the fiscal cliff deal in the house and says it's just another deal by washington insiders with no real solutions and points to a lack of courage and will in washington. he also rallied opposition against the speaker's plan the proposal after the republican leaders removed him from the house budget and agriculture committee, a move he described as petty, vindictive politics. joining us, congressman of kansas. good to have you with this. >> good evening. pleasure to be here. lou: obviously voting against this plan.
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i just watched this market rally . 308 points on the dow after a deal in which the national debt will rise by $4 trillion nearly 80 percent of all americans will see a tax hike. what are you guys doing? >> well, the rally on wall street, things were good, but from a street is not a good deal. it raises taxes, increasing spending, did not deal with entitlements reform. it is a bad deal, the typical washington deal. at the end of the day most republicans oppose the steel. lou: most republicans indeed. 151 of you in the house voting against the measure. the speaker had to turn to the democrats to get a majority vote. i mean, this is stunning stuff. what does it pretend for the speaker's tenure as speaker? will he be challenged?
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>> we will see in the next couple of days. a vote scheduled for tomorrow, but it is hard to tell. this was the speaker. they came together on that. very close to what actually they wanted a few months ago. i was shocked that the speaker when run things across the floor that are overwhelming majority of republicans at the end of the date say we're not going to be a lot raising taxes. some republicans agreed. watch right into the trap the president set for republicans and sever going to raise taxes. there were a few good things in there, some of the permanency, but at the end of the day is three strikes and did not solve our basic problem which is why you had moody's issued another warning. were looking into downgrade. lou: continued a negative outlook by the ratings agency. no suggestion that it is going to reduce that. we are going to see, i'm sure, over the course of the next two months as you all try to come to
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terms over the issue of the sequestration which right now will impose $1 trillion in automatic spending cuts, automatic unless you find another way to deferred for two months. what is your judgment as to what will happen? >> part of this deal was to raise spending. it did that by delaying these cuts that were agreed to 17 months ago as part of the debt deal in august 2011. washington said, will raise the debt ceiling, but we're really going to is serious about spending cuts. they went right through that before cutting a dime. if most americans are looking, that's not serious. we have two months to get our act in order, and that's the real issue. that's the real fiscal abyss, not just tax increases. don't forget as well yesterday we have the bulk of those trillion dollars in obamacare tax is kicking in as well. this is a double triple whammy on the economy. at the main street level and
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eventually a wall street as well lou: as you point out, taxes associated with the affordable care act, they're not looking so affordable. the impact is, as you suggest, deeply concerned. congressman, we thank you for being with us. come back soon. we'll be following you and the 113th congress which begins tomorrow. will find that to the speaker's point to be. congressman, i should point out one other thing, whatever else the speaker did, it he absolutely demonstrated senate majority leader reid to be a liar. he sure is a dictator. >> well, for those of us who gets stripped of committees because he stood by principals, dictatorial qualities, but at the end of the day i have to work for 700,000. that's what of continue to do.
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lou: un 435 other folks. thank you very much. we appreciate it. much more on the new budget deal, textile, how it will affect you and the future. all of that coming up next. super storm sandy outrage. the house speaker turning his back on those devastated by the deadly storm. fellow republicans taking aim at the speaker. >> the dismissive attitude was shot last night. it typifies a strain in the republican party. this is not the place to discuss politics, but politics seeped over into a governmental decision that was made. i cannot imagine that type of indifference, that type of this regard, that cavalier attitude in any other part of the country. the president is taking a victory lap for raising taxes on the top 2% and making the bush tax cuts permanent.
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what the president does not mention, also raising taxes on nearly 80 percent of all americans, and the national media doesn't mention it either. we do. antitax crusader grover norquist joins us here next. ♪ th my friends, we'll do almost anything. out for drinks, eats. i have very well fitting dentures. i like to eat a lot of fruits. love them all.
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♪ lou: you will be pleased to know that technically republicans did not break their no tax pledge by voting for the fiscal cliff tax package, even though taxes will be going up as a result. grover norquist says that, and he joins us from the president of americans for tax reform, author of the anti-tax pledge. he will be here to explain it all and just moments, but first let's take a look at tonight on "moneyline." quite a day on the market,
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kicking off the year with a bang . wall street posting a triple digit rally. the major market index is putting up their best percentage gains in more than a year. of 30 dow stocks up, dow jones industrials posting an impressive 308. gain, the s&p up 36 points, 60 points in the past few days. the nasdaq rally 93 points. more than 4 billion shares traded. 90 percent of that volume to the upside. for all of last year it was a very good year. the dow gaining over 7 percent, the best year since 2010. over the past four years the dow is up a very impressive 49. last year the s&p up nearly 13 and a half percentage since 2009. the nasdaq also posting its best year since 2009, up nearly 16%. tech stocks today still hot.
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more than 3%. investors unfazed by the million-dollar heist from the apple store in paris and new year's eve. they helped themselves to apple products. the police were watching new year's eve celebrations apparently instead of going after the bad guys. hewlett-packard and intel, two of the worst performing stocks five and a half in three and a half% respectively. hitting -- putting some zip in a portfolio buying the company cost sharing $500 million. that purchase price represents a 49% premium. but ipo price of $18 back in april 2011. 30-foot waves spreading the rescue of royal dutch shell's oil drilling rig off the coast of alaska night. that rate was being towed to seattle for maintenance when that towlines failed.
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it was washed ashore on an uninhabited island. carrying 143,000 gallons of diesel fuel. 12,000 gallons of lubricating oil and then draw it would. the post card reports no evidence of any leakage. turning to the fiscal cliff that did not violate his anti-tax pledge. joining us now, grover norquist, president of americans for tax reform, author of the taxpayer protection pledge. happy new year. good to have you with this. >> good to be with you. >> quite a run here. the first piece of legislation in the new year. $4 trillion to the national debt that is not good. >> it's not. as you know, we live in this topsy-turvy world where if nothing happened, as the president is set on his hands we were going to have of
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$5 trillion tax increase because the 2001 tax cuts and the 2003 tax cuts and the amt patch all ended on the first of january. unless congress did something will have a $5 trillion tax increase over the decade. a couple together this effort to strip about 85 percent of the tax cut back. because of that, because the president was in the position of being able to stop anything from happening, we ended up today rates are higher on the top 1 percent than they were before. we now move to the real issue, the next real issue which is spending. lou: wait a minute. you're getting me nervous. a freer going take go on to the next real issue in the first real issue gusts as 4 trillion what will republicans deliver under real blood the next guerrilla.
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no sense of all to everybody outside of washington. >> here is the good news. four fights. the first one, the president held all the cards. as long as he didn't sign something there was a $5 trillion tax increase. the question was how little damage could you get away with because he held all the cards. lou: can i stop you there. the republican party voted for that. they bought into -- the push toward a temporary tax cut. then they put forward a participation. all those republicans, a short-term extension. then you precisely the date that extension would expire. there was no -- no one put up a bell around the facts of the time line here. >> republicans -- lou: i guess i'm saying, are
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they so bereft of vision, intelligence, and understanding and leaders that they're just being outmaneuvered by president obama and the democratic party. they are not winning very much. >> the reason why the tax cuts lapsed on january 1st was that the democrats in the senate under bush in 2001-3 all voted against it. you could not get the 60 votes he needed for a permanent tax debt. you can only do it with 51 republican votes, and that could only happen in the tenure window lou: did not republicans control both houses of congress 2001-6? >> but given the senate rules, you could only have a tax cut out for ten years with 51 votes. lou: i understand why it's necessary for us to watch the
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debt go up another 4 trillion. let me be serious about this. it really is stunning. we are watching a bunch of folks haggling over whether they are increasing taxes are not increasing taxes which wrigley is of no moment to me so long as it's rational and in the national interest. right now we are watching the government to this whole congress, republicans sought supposed to be a lack -- against limited government. 2001 until now we just watched this thing explode. i see nothing change in that direction. >> several things are moving in the right direction. lou: i'm cheery. i'm perfectly frustrated at the incompetence ability of the actions being taken by both republican and democratic parties. millions of americans are by the way right beside me in that confusion and frustration. i'm going to ask you awake through the commercial break because were coming up against
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the so-called hard break. you're a great american. >> anything for you. lou: let's talk about that $4 trillion. stocks soaring. we will talk with moody's chief economist to tell us about rational and the irrational markets and we will talk with the texas school district superintendent whose teachers are armed and ready to protect. [ male announcer ] where do you turn for legal matters? at legalzoom, we've created a better ace to handle your legal needs. maybe you have questions about incorporating
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lou: well, here is the stunning development. you may find fascinating. breaking news on current tv. we have just learned through the "wall street journal" that out to zero, the international news organization, has bought the financially beleaguered current tv in part by former vice president al gore.
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again, the arabic -- the arab language news organizations, television news organization buying current tv with some 60 million households in this country. also, the "wall street journal" reporting that time warner cable says it is dropping current tv. we will be following the story, but just wanted to bring that interested development to your immediate attention. we are talking with grover norquist. i want to give back to republicans look as if they are absolutely 151 voting against the legislation recommended to them by the speaker. that is without question -- the empirical evidence is complete and finite. that is a division of an order that no one could have contemplated the republican party. so where do we go with the debt ceiling? >> sure. when we have the debt ceiling, the speaker and mitch mcconnell of the senate have both
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reiterated. if the president wants an increase in the debt ceiling of a trillion dollars as he's going to need every year of the second term, he's going to have to agree to a trillion dollars of spending cuts. this is exactly what happened in 2011 and of the establishment media said the world would end and we have to have tax increases instead of spending restraint. that's not what happened. obama caved, give us the spending restraints. the next fight is one, the republicans have more of an upper hand. lou: it will be interesting to watch and see how that plays out. grover norquist, good to have you with us. >> good to be with you. lou: joining us now, chief economist of moody's. let's turn. you just heard grover norquist describing what is happening in washington d.c. entirely rational, makes perfect sense. i'm sure the nation is placated. how you feel?
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>> just a bad day. for some reason makes people very glad on wall street today. the question is whether or not the markets will continue to perform well going forward. lou: whether they do or don't, you can't argue with markets. markets and investors obviously decided to bump up the volume to over 4 billion shares. i mean, it's not the stuff of legend, but it's a marked improvement over last year's average. >> i guess there is reduced lori about a possible recession. they believe the earnings growth, no matter how slow it might be will be sufficient to support higher share prices and most importantly they expect interest rates are going to remain low, despite today's jump at the 10-year treasury yield. lou: we are looking at -- my goodness. the idea that we have some housing rebound in, seeing strength in manufacturing, seeing some very good signs in this economy.
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they have been ignored in part because of all the trauma around the fiscal cliff. >> and when you look at the ratio of home sales to disposable income, there is only one direction we're likely to going, and that is higher. in all likelihood we're probably going to get at least 10% year-over-year gains for both home sales and car sales in 2013 which is pretty darn good. lou: what does the market looks like the end of this year? >> right now the equity market is still undervalued by between ten and 15 percent if we stay and troubled. we should get 10% gain. lou: we'll take that. sign here. >> okay. lou: thank you for being with us. more on the political fallout from the fiscal cliff deal with the "a-team" next. the mine in armageddon and fiscal cliff are all behind us, but another battle over the budget lies ahead. is president obama getting all
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imperious honest? >> i will negotiate over many things. i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up through the laws that they passed. let me repeat, we can't not pay bills that we have already incurred. >> the president a big winner on taxes. house republicans have the stomach for another fiscal fight . moron guns than a new viral video exposing the celluloid the rules for what they are. participants in a culture of hollywood hypocrisy. it turns out the idea of armed guards and police and schools is a pretty good idea after all. no security problems in the "herald" district's school in texas. their teachers carry firearms. she's still the one for you -
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♪ lou: background checks for gun purchases hitting a new record high last month. the fbi conducting almost 3 million background checks on people wanting to buy guns in the month of december alone. that surpassed the previous record of 2 million in november of last year. background checks for the year came in and just under 20 million, nearly 20% increase from the previous year. these papers hired armed guards after it published maps highlighting the names of gun owners in two counties just north of new york city. the journal news based in westchester county says it is receiving a torrent of negative phone calls and e-mails in response to an article which was refused to comment on the controversy, but apparently the newspaper is reconsidering what those armed guards, the role of guns in our society. i guess they probably think that they haveesuperior rights to the leaders.
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well, a growing number of states say they will consider all lost our teachers after the tragedy at sandy hook elementary school. my next guest has permitted teachers take carry concealed guns since 2007. joining us now, superintendent for their own school district in texas. it is first of all seven of you to be with us. i know it's a great inconvenience to travel as far as you must. you had teachers with guns for that long. how is that working and what is the reaction in your community and around the state? >> it's working great. like you said, we passed in october of 07. reaction to the pennsylvania, shooting in virginia tech. we felt that was enough to try to go ahead and get this started. we have what we call the guardian plan. four elements. a chl, be approved by our local school board, undergo training in and they finally use
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ammunition the breaks apart when it hits hard objects. we have had this in place since october of 07, and it's going well. lou: considered to be not lead the bullets. and the idea that it is unimaginable we would have armed guards, for example or aren't teachers in our schools because it would upset the children. how do you react? >> i think that's just silly. there are guns in the status quo. resource officers and police officers inside our schools. all i did was come up with an alternate plan. that was to train personnel. it says employees. employees throughout the school. what this does is give us a redundancy. we don't have to have one person who would get the flu or google wants to be missing in action. we have them strategically placed throughout the building, so we have good protection for our kids.
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lou: i hope that you never after tests that system out ever. your level of confidence and those who are armed to your school. >> absolutely. you know, is something that has to have been done since 1990. think that's what cost these gun-free zones. they created a problem. now we just tried to fix the problem. lou: have you heard from other school districts saying how did you do? how did you carry your program? talking about resources. >> absolutely. from all over texas, the united states. lawmakers and other states to try to write legislation. yes, i have been in touch with many people over the last two weeks. lou: i will ask you whether you carry a weapon and not. i don't think that's probably
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the less you want to say that the fact is having teachers and having those their resources office, however maybe. >> it is. it was before, but it really was a week ago. we have facebook and many other social media. they just lit up saying thank you for having the foresight to protect our kids. on that day many schools across the nation went in the lock down. we didn't. lou: that speaks such volumes. our law enforcement in this country i think is absolutely terrific, but the time necessary to call the police, to call law-enforcement and with the best response so much can happen, so much that is tragic before they can even be on the scene. it's just unrealistic to expect
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them to be able to prevent the is tragedies whereas if you're armed in the first instance you have an opportunity. >> and just like you say, the tragedy took up less than three or four minutes. fort hood took three minutes, virginia tech about nine minutes. people don't understand. police officer heroes, they don't receive enough tribute, but we have to say that they can't be there on time 95 percent of the time. lou: we certainly appreciate you being here. we appreciate everything you do. i know folks in texas appreciate you have done. studying an example, and it will be interesting to see how the rest of the nation response. >> thanks a lot. lou: and a happy, safe new year to you and all of your charges. up next in the year being the same violence in chicago. the murder capital of this country with one of the, if not the toughest gun laws in that
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country. well, 15 new year's day shootings after ending one of the bloodiest years on record for the city of chicago. of tomorrow oversight budget committee members. pulitzer prize-winning columnist among our guests. we'll be will be with us. stay with us. one republican congressman tells america to stop donating money to his party. the "a-team" is next.
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♪ lou: house speaker trying to contain bipartisan outrage on capitol hill after he abandoned a vote on a bill to provide billions in aid to hurricanes in the victim's earlier today. republican congressman peter king of new york blessed house leaders calling for a donor boycott of his own party. >> republicans have no problem finding new york when they're
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out raising millions of dollars, in new york all the time filling their pockets of money from the office. i'm saying right now anyone from the york and new jersey contributes 1 penny to congressional republicans is out of their mind because but they did last time was put a knife in the back of new yorkers and new jersey in its, absolute disgrace lou: a little problem. a few waves and a republican party. the speaker vowing to hold the vote for the scene the aid package this friday. it appears the congressman got his point across, and it appears chicago remains the murder capital of this country. 506 people murdered in chicago last year according to the chicago tribune. official numbers from the city police department are not out yet, but the murder rate increased reportedly 16% from 200011. a city with the toughest gun laws in the country. gun rights activists slamming hollywood. hypocrites have called for tighter gun laws but appear in movies featuring gratuitous gun
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violence. take a look at this new youtube video splicing together a recent public service announcement by a concerned lest of actors with their own movies and tv shows. see if you see a little something distorted about all. >> newtown. >> newtown. >> new town. >> how many more classrooms? >> okay. understand. >> demand a plan. lou: half a million people it seems since it was uploaded christmas day. and another million for our running tonight. up next, the white house says that the smokeless still cuts over $700 billion from the national debt. what arithmetic. the congressional budget office has a different number.
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we will share that with you here next. judith miller. the "a-team" next. at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? llo? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally.
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hello? ally bank. your money needs an ally.
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♪ lou: joining is now, the "a-team". let's begin with you and the rousing news that, in fact, al gore is selling out. no relation. >> the broadcasting network that is flush in money is doing the former vice president a favor. lou: de thing that is what it is? you go see it as a business proposition.
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>> i don't. i'm of foreign policy person. and not an economics expert, but it seems to me that this might be in this truck my back department. lou: your thoughts? >> nobody wants is either one of them. lou: all right. less talk about what is a big deal. talking with the superintendent of schools there, the school district in texas, a terrific -- guess what they call the name of the program? the guardian program. >> we don't carry weapons, but i understand why they do what they do. they're doing it in new jersey. you would never have expected it. obviously in other school districts. lou: primarily private schools in this country avant-gardes. >> but here in new york city, 350 officers carrying guns.
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officers carrying guns in schools, shuttle detectors. but in leave it to beaver land, the best bill are some very, you really think they want to that have a copy of the gun? no. they don't want them busted for selling nickel-and-dimed bags of reefer. that's what parents of always wanted cops out because they don't want them arresting their kids and giving them a rap. >> washington and colorado, they are encouraging it. how do you explain to the kid you don't do that because mommy and dad -- never mind. we'll be right back. >> a fever and my foot. i need to smoke referred. lou: just kidding. for coming right back in just moments. ♪ [ male announcer ] where do you turn for legal matters?
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at legaoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your fily with a will or ling trust. and you'd like to find the right attorney to help guide you along, answer any questns and offer advice. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any questions. get started at legalzoom.com today. and now you're protected.
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♪ lou: well, let's turn now to the issue of south korea. he has made injuries, overtures to the south korea.
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is this for real? >> who knows with them. he is so all over the map. on one hand we have to be encouraged by a speech like that and the pledge of economic reform. on the other hand, this is a guy who is also investing heavily in its military programs, continuing to invest 46 million people, seems to be very much his father's son. let's wait and see if there is action behind those words. lou: perhaps too clever, much more clever than his father. >> well, his father did not give the speeches. his grandfather did. is this for real or just trying to take the heat off of a little bit in terms of sanctions are never. does he have the authority even to employment what he hinted at or proposed? we don't know, but it certainly is the best news we have heard from north korea in quite a while. lou: your reaction. >> mentally ill.
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an evil spawn on the side. i don't know what's worse. kim kardashian having an evil spawned the son of kim jung-il. as you noticed, the curtain separates north korea from south korea. and, you know, they guy who was just honored by the president after he advocated killing americans to may be figured, maybe the south koreans are in solitary. very good. lou: teeseven the ride. let's turn to the fiscal cliff deal, the republican party. you know, talking with grover norquist, he is so confident, at least about other republicans are going to do with the debt ceiling. they had just been blessed by the president. where they go from here? on the verge of finding total irrelevance if they keep this up .
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>> said on know what the republican party is going to do except, perhaps among try and reinvent itself. at this point the president was holding all the cards. he was in a very strong position. lou: it sounds like -- >> no gain. lou: no secret about the fact he was holding all the cards. no secret about the history of '95 and '96. a reasonable person might have deduced that they had a problem, these republicans. >> i think they have a problem with voters in a but i don't think it just got waxed. i mean, all of the bush tax cuts were set to expire. $4 trillion worth in total. but we essentially have no inheritance tax left except for the super wealthy now. nothing was done about carried interest. the hedge fund loophole. president obama wanted to tax increases for families making to 50. it's up to 450 now. a cbo says we just added